₦airaland Forum

I hope he will capture the ff statements of his in his memoir:

1.stealing is not corruption

2. If 20b dollar is missing, even America will know because it is their currency.

Odukwa serious!

NASS is just one of the disadvantages of democracy.

Nigerian central bank Governor Godwin Emefiele says he’s on a mission to transform the economy. That’s not what investors are seeking.

While the collapse of oil revenue in Africa’s biggest crude producer has limited the bank’s ability to prop up the currency, Emefiele, 54, has resisted pressure to devalue the naira. Instead, he has imposed foreign-exchange restrictions on imports, risking growth in the continent’s largest economy as retailers and manufacturers struggle to source the funds needed to run their businesses.

Emefiele has deflected criticism of his performance 14 months into the job by highlighting the central bank’s need for an expanded mandate on monetary policy. He wants the bank to play a more developmental role, including creating jobs and facilitating loans to “productive” industries. Investors say he’s neglecting his main job.

“The tragedy is that over the past few years, the Central Bank of Nigeria built up credibility for reforming, for inflation targeting, establishing itself as one of the more orthodox central banks in Africa,” Holger Siebrecht, an associate portfolio manager at Acadian Asset Management LLC, said by phone from Boston. “Now it is at risk of gambling this reputation away.”

In a Bloomberg survey of nine economists carried out between July 30 and Aug. 4, two-thirds rated Emefiele’s record on managing the naira as either ‘very poor’ or ‘poor,’ and only one respondent judged his overall performance as better than ‘fair.’
Oil Slump

A former chief executive officer of Zenith Bank Plc, Emefiele took office in June last year, pledging to lower interest rates and opposing calls to devalue the naira. Five months later, he raised the benchmark rate to a record 13 percent and lowered the naira peg by 8.4 percent to a midpoint of 168 per dollar. In February, he scrapped the peg.

Since then, Nigeria has elected a new president, Muhammadu Buhari, oil prices have dropped below $50 a barrel, the government is struggling to pay its workers’ salaries and pressure is mounting for another devaluation. While the central bank is happy with the naira trading at about 199 to the dollar on the interbank market, black market dealers are selling the U.S. currency at closer to 225.

“Governor Emefiele continuously denies that the currency is overvalued, and pushes back from devaluation, when market forces are quite clearly saying something completely different,” said Siebrecht.
Sanusi’s Legacy

Emefiele’s predecessor, Lamido Sanusi, had won acclaim from investors for cleaning up a banking industry near collapse in 2009, bringing inflation below 10 percent and keeping the currency stable.

Ibrahim Mu’azu, a spokesman for the central bank, denied that the currency policy is muddled, saying by phone from Abuja, the capital, that the regulator has been consistent in its “demand management” approach.

Buhari, who took office on May 29, has yet to name a finance minister or articulate his economic plan for Nigeria, where growth is forecast by the International Monetary Fund to slow to 4.8 percent this year from 6.3 percent last year.

“Emefiele seems unable or unwilling to sell the economic case for devaluation to the country’s political leaders,” Alan Cameron, an economist at Exotix Partners LLP, said by phone from London.


CURRENCY CURBS

“He wants to portray the CBN as a source of economic stability in a time of political change, even though in reality he might be doing quite the opposite,” he said.

Recent comments suggest Emefiele sees his job as unconfined to the narrow disciplines of traditional central banking.

“Central banks in developing countries like ours cannot sit idly by and concentrate only on price and monetary stability,” he said in a June 24 speech in Abuja.

In June, he stopped importers from using official foreign-currency channels to pay for about 40 types of goods including steel products, furniture and textiles. If he had the authority, he would have banned their import outright, he said.

The naira has weakened 7.8 percent against the dollar on the interbank market this year, pushing inflation outside the central bank’s 6 percent to 9 percent target band for a second month in July. The currency was trading at 198.88 per dollar as of 8:14 a.m. on Friday in Lagos, the commercial capital.

Emefiele’s development goals mean very little if they distract from more pressing economic issues, said John Ashbourne, an economist at Capital Economics in London.

“If, as looks likely, inflation continues to rise, it will not be very comforting to hear about his vision of a new Nigeria,” he said in an e-mailed response to questions. “Investors are going to judge him by the here and now, which isn’t particularly impressive.”

Source:http://www.bloomberg.com/news/articles/2015-08-13/nigeria-central-bank-chief-s-naira-stance-risks-his-reputation-idar1hro

Misskeffas:
Op advise your friend to get himself a g.f.

is better he masturbates.

I know of a friend that started masturbation in 1995 upto 2010 when he got married.

atimes, he masturbates 3 times a day. there was a time he couldnt stand on his feet for good 30seconds.

Barring last minute changes, Senators and House of Representatives members are set to proceed on another recess that will last for six weeks Daily Trust on Sunday has reliably gathered.

The recess, our correspondent reliably gathered from the legislators and National Assembly senior workers, will last till September this year.
The recess would be announced at the end of plenary by both Chambers on Thursday, our correspondents gathered.
Our correspondent reports that the lawmakers, following the controversies that enveloped the elections at both Red and Green Chambers, went on recess on June 10th and resumed on 23rd.
On the 25th of June, they went for another recess and were supposed to resume on July 21st, only to add another one week, thus they resumed on 28 of July.
Today being August 9, the legislators have so far sat for 11 days in two months. By Thursday when they would be proceeding on the recess, the legislators would have sat for 14 days including on the June when they resumed.
The legislature being the Third arm of government plays critical role in the smooth running of government in democracy as the responsibility of enactment of laws and oversight rest on the shoulders of the lawmakers.
Speaking to our correspondent, a Senator described the forthcoming recess as normal.
“It is normal for us to go on six weeks recess or so. This one is not like the previous recesses, this one is legal, “the ranking Senator said.
Also speaking, one of the clerks at the National Assembly confirmed the upcoming recess describing it as annual recess.
“This is annual recess, it will last for six weeks or more. It is not abnormal but meet the Senate committee on rules and business to tell you the exact, “ he said.
Efforts to get the Chairman of the Senate adhoc committee on publicity, Dino Melaye, speak on this yielded no result as he was not picking his calls.
Also, the Chairman of House of Representatives adhoc committee on media, Sani Zorro was not reachable when he was contacted for reaction.

Source:http://www.dailytrust.com.ng/sunday/index.php/news/21590-senators-reps-to-embark-on-4-weeks-recess

all correct

correct

Abuja the Center of Unity.

No ethnic group can claim ownership of Abuja.

We are proud of Abuja.

Before Nko, How many Nigerians have domiciliary account?

Maxymilliano:
Daniel Kanu ...

yes, u are not a small pikin. one million match.

Youths Earnestly Ask for Abacha 1998

ladyF:
I Dont know this

really?

Former President Olusegun Obasanjo yesterday expressed regrets over the sale of two of the nation’s oil refineries, which was concluded before he exited office in 2007, but was reversed by his successor, the late President Umaru Musa Yar’Adua because he succumbed to pressure.


Obasanjo said this in an interview on Channels Television yesterday.
The former president said business mogul, Aliko Dangote, leading a consortium of investors, had paid $750 million for two of the refineries, as the federal government considered it difficult managing the plants at the time.
He explained that instead of Yar’Adua consolidating on the sale so that the investors could revamp the refineries, his successor succumbed to pressure and reversed their sale.


Obasanjo recalled that not only did his successor cancel the sale, he also refunded the $750 million paid by Dangote and other investors.
“The refineries are old and Dangote and some investors paid $750 million for two of the refineries. My successor came to office and reversed the sale. He even refunded the money they paid.
“So I went to him and asked him why he did this. He said it was because of pressure. So I wondered if the pressure by some people was more important than the interest of the whole nation,” he elaborated during the interview.


Obasanjo expressed regrets that Nigeria will hardly be able to sell the refineries for more than $250 million today because they are obsolete.
Obasanjo pointed out that most people lacked foresight on the decisions taken by those before them before reversing those decisions, adding that most leaders succumb to sentiments instead of informed insight.
Obasanjo’s interview came on the heels of a statement by the Nigerian National Petroleum Corporation (NNPC) confirming the re-streaming of the Port Harcourt and Warri refineries after a phased rehabilitation over nine months conducted by its in-house engineers and technicians.


The corporation said yesterday that both plants had commenced preliminary production of petroleum products after successful test-runs, adding that while the Port Harcourt Refining Company (PHRC) was ramping up its operation to about 60 per cent of its 210,000 barrels per day (bpd) name plate capacity, the Warri Refining and Petrochemicals Company’s (WRPC) was projected to hit 80 per cent of its installed 125,000bpd capacity.
The corporation’s spokesman Ohi Alegbe said in the statement that the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day while Warri refinery would contribute 3.5 million litres daily of petrol to local refining capacity.


Providing insight into the rehabilitation exercise, NNPC said that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders (ORB) who were initially contacted for the project came up with unfavourable terms.
“Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were compelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavourable terms.”
Alegbe stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.


“The proxies were also unwilling to provide post rehabilitation performance guarantees.
“The phased rehabilitation strategy, which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer (OEM) representatives to effect major equipment overhaul and rehabilitation,” he said.
Alegbe revealed that the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, resulted in a cost reduction of 70 per cent, which helped largely in mitigating the financing challenges of refinery rehabilitation.


He said with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000bpd Kaduna Refining and Petrochemicals Company (KPRC), which is billed to come on stream soon.
NNPC further disclosed that it has successfully recovered the System 2B pipeline, which was breached by vandals last week at Arepo, Ogun State.
The corporation stated that its team of engineers who were deployed to the scene of the incident was able to access the pipeline after the fire was put out and commenced repair work immediately.


“We wish to announce that the vital System 2B pipeline, which was breached at Arepo last week, has been fixed and brought back on stream. “Pumping of products through the system commenced on Monday upon successful completion of repair work over the weekend.
“We also wish to call on all those engaged in the criminal acts of pipeline sabotage and oil theft to desist in order to avoid such horrendous deaths as was witnessed in the recent incident,” NNPC said.

source: http://www.thisdaylive.com/articles/obasanjo-yar-adua-regrettably-reversed-sale-of-refineries/216079/

missbehave247:

pls dont misbehave here.

May their souls RIP.

Head of state General Yakubu Gowon and late shehu of Borno Mustafa Umar Elkanemi when the later visited Borno in 1971.

This happened in a village called Dille yesterday around 5:30pm.


cc: lalasticlala

1.Members House of Representatives going for a meeting with President Muhammadu Buhari at the Presidential Villa Abuja.

2. From left: Speaker House of Representatives, Yakubu Dogara; Vice President Yemi Osinbajo; President Muhammadu Buhari and APC National Chairman, John Oyekun during their meeting with House of Representatives members held at the Presidential Villa Abuja.

3.Speaker House of Representatives, Yakubu Dogara (left) and Feki Gbajabiamila during their meeting with President Buhari at the Presidential Villa Abuja. Monday, 27-07-15. Photo: Felix Onigbinde.

source:http://dailytrust.com.ng/daily/index.php/news-menu/news/60933-photos-house-of-reps-meeting-with-buhari

Shortyy:
Awww... How lovely

lalasticlala

I learnt Ethiopians are frugal.

See how Ethiopians welcomed OBAMA, Eh! Eh!, That “red carpet” (PHOTO)

http://www.kenyan-post.com/2015/07/see-how-ethiopians-welcomed-obama-eh-eh.html?m=1

cc: lalasticlala

Taylor86:
y

is this ur judgement?

Sent to me by a friend.

I was in a taxi,chatting with my friend on whatsapp and suddenly discovered that the man sitting beside me was reading my conversation. Since I did not want to embarrass the man, so l decided to change the topic "Abeg oga, please tell Kabiru Sokoto or AbuQaqa that I only took two of the bombs we just manufactured for this operation. Let them know as well that I may find it difficult to get to the target place before the bombs explode because there is terrible traffic jam now but never the less, I am sure casualty figure will be high since we are five in our taxi and all the vehicles in the traffic will be affected too. We have less than 3minutes for the bomb to go off. Bye and take care of my parents and siblings as agreed. The Man, without allowing the taxi to stop quickly opened the taxi door and jumped out and eventually died.

please who killed him?... Me or Amebo?

Query is just a question asking for explanation on a matter.

But in Nigeria, when you mention query people will think someone is in trouble for indisciplinary act.

rubbish

who has come across this way in Karmo district?

Their unborn babies will not need to do NYSC when they are finaly born, grew up and graduate. Their mums have already done it for them.

Alex Ekwueme on the left, C.C.Onoh( father of Bianca Ojukwu) on the right.


source:http://www.dailytrust.com.ng/aminiya/index.php/waiwaye/8069-waiwaye-baba-shettima-25